Directing Creditors definition

Directing Creditors means at any time Creditors holding more than 50% of the then Aggregate Voting Credit (including, without limitation, Noteholders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Senior Secured Notes); provided that, solely for purposes of directing a release of Collateral pursuant to Section 7.11(c)(A) of the Security Agreement and Section 8.11(c)(A) of the Pledge Agreement, the “Directing Creditors” means at any time Creditors holding at least 75% of the then Aggregate Voting Credit (including, without limitation, Noteholders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Senior Secured Notes).

Directing Creditors means holders of Extended Prepetition Debt holding at least 51% of the aggregate outstanding amount of the Extended Prepetition Debt at such time.

Directing Creditors means (i) with respect to any matters described in Section 3.07, at any time Creditors holding more than 25% of the then outstanding Aggregate Voting Credit (including, without limitation, holders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Notes Priority Lien Debt Obligations) and (ii) with respect to any other matters, at any time Creditors holding more than 50% of the then outstanding Aggregate Voting Credit (including, without limitation, holders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Notes Priority Lien Debt Obligations).

Examples of Directing Creditors in a sentence

• As to any matter not expressly provided for by this Agreement, the Collateral Agent shall act or refrain from acting as directed by the Directing Creditors and shall be fully protected in doing so.

• Subject to the terms and conditions of this Agreement, the Collateral Agent shall follow the instructions of the Directing Creditors from time to time conveyed to it by the representative or representatives of one or more Credit Classes pursuant to this Agreement, subject to and consistent with the Collateral Agent’s rights and obligations expressed in the Collateral Documents and in accordance with applicable law.

• All calculations regarding satisfaction of compliance with the definition of the Directing Creditors shall be made by the Collateral Agent upon receipt of and in exclusive reliance upon the certificates described in Section 3.03, and shall be binding upon each Credit Class.

• Where the Collateral Agent is permitted but not required to take any action pursuant to any Collateral Document, the Collateral Agent may take any such action but shall have no obligation to take any such action without the direction of the Directing Creditors and the Collateral Agent shall not be liable to any party for not taking such action if the Directing Creditors have not directed the Collateral Agent to take such action.

• The Collateral Agent may at any time solicit confirmatory instructions, including from the Directing Creditors or an order of a court of competent jurisdiction, as to any action which it may be requested or required to take, or which it may propose to take, in the performance of any of its obligations under this Agreement.

More Definitions of Directing Creditors

Directing Creditors means at any time Creditors holding at least 75% of the then Aggregate Voting Credit (including, without limitation, Noteholders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Senior Secured Notes).

Directing Creditors means (i) the Bank, (ii) the Required Purchasers or (iii) NGOP.

Directing Creditors means at any time Creditors holding more than 50% of the then Aggregate Voting Credit (including, without limitation, Noteholders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Senior Secured Notes); provided that, solely for purposes of directing a release of Collateral pursuant to Section 7.11(c)(x)(A) of the Security Agreement and Section 8.11(c)(x)(A) of the Pledge Agreement, the “Directing Creditors” means at any time Creditors holding at least 75% of the then Aggregate Voting Credit (including, without limitation, Noteholders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Senior Secured Notes).

Directing Creditors means (a) the Required Creditors prior to the time specified in clause (b), and (b) any one of the following parties, from and after the time at which such party or parties (i.e. the Lenders with respect to clause (i), the 1994 Noteholders with respect to clause (ii), and the 1996 Noteholders with respect to clause (iii)) have accelerated their respective portion of the Secured Obligations: (i) Administrative Agent, with respect to the Lenders, (ii) the Required 1994 Noteholders, or (iii) the Required 1996 Noteholders.

Directing Creditors means (i) with respect to any matters described in Section 3.07, at any time Creditors holding more than 25% of the then outstanding Aggregate Voting Credit (including, without limitation, Noteholders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Senior Secured Notes) and (ii) with respect to any other matters, at any time Creditors holding more than 50% of the then outstanding Aggregate Voting Credit (including, without limitation, Noteholders providing consents obtained in connection with a tender offer or exchange offer for, or purchase of, Senior Secured Notes).

Directing Creditors has the meaning specified in Section 31.

Directing Creditors means, with respect to any particular instruction given to the Collateral Agent, each Creditor that has given such instructions to the Collateral Agent.